A study on relevance of accounting standards in providing information to stakeholders: special reference to application in western province institutions

Abstract:

This research studies about "The Study on Relevance of Accounting
Standards in Providing Information to Stakeholders, in western
province" was carried out to find out whether Sri Lankan Accounting
Standards adopted from International Accounting Standards are
relevant or irrelevant on the institutions of Sri Lanka in providing
information to stakeholders; to find out what are the reasons for
irrelevancy; to find out solutions and to suggest recommendations to the
identified problems. Through which, researcher tries to make the
relevance of Sri Lankan Accounting Standards in a successive manner.
Here, the dependent variable is "Relevance of Accounting Standards in
Providing Information to Stakeholders" and qualitative characteristics of
financial statements. Kind of independent variables are Accuracy,
Credibility, Comparability and Compatibility. To find out the relevance
and degree of relationship between independent variables on the
dependent variable, data and information were collected from
Accountants and Accountant Assistants of LOLC PLC, Divisional
Secretariat Office-wake, ICASL, Sampath Bank PLC and MAS Linea
Aqua (Pvt.) Ltd. in Western Province. These data and information were
mainly collected through questionnaires and through secondary data.
Data and information have been transformed into a regular chart
method. Then, they were tabled and have been subject into three groups
based on means. There were lower level relevance, moderate level
relevance and higher level relevance. Then, those were evaluated and
findings were identified.